A Straightforward Tax Guide For Canadian Small Business Owners (2024)
Master the complexities of Canadian taxes for your small business or self-employment with the 2024 edition of 'Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners.' Authored by Ronika Khanna, CPA, CA, & CFA, this comprehensive guide offers essential insights into income taxes, tax deductions, and how to file accurately.
Learn to optimize your tax savings, simplify your tax reporting with an online CRA account, and understand the nuances of CPP contributions. Ideal for unincorporated small businesses, independent contractors, freelancers and self-employed individuals, this book provides expert guidance to ensure you pay only what you owe and avoid costly penalties. Equip yourself with the tools and techniques to handle your taxes with confidence and precision.
Master the complexities of Canadian taxes for your small business or self-employment with the 2024 edition of 'Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners.' Authored by Ronika Khanna, CPA, CA, & CFA, this comprehensive guide offers essential insights into income taxes, tax deductions, and how to file accurately.
Learn to optimize your tax savings, simplify your tax reporting with an online CRA account, and understand the nuances of CPP contributions. Ideal for unincorporated small businesses, independent contractors, freelancers and self-employed individuals, this book provides expert guidance to ensure you pay only what you owe and avoid costly penalties. Equip yourself with the tools and techniques to handle your taxes with confidence and precision.
Master the complexities of Canadian taxes for your small business or self-employment with the 2024 edition of 'Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners.' Authored by Ronika Khanna, CPA, CA, & CFA, this comprehensive guide offers essential insights into income taxes, tax deductions, and how to file accurately.
Learn to optimize your tax savings, simplify your tax reporting with an online CRA account, and understand the nuances of CPP contributions. Ideal for unincorporated small businesses, independent contractors, freelancers and self-employed individuals, this book provides expert guidance to ensure you pay only what you owe and avoid costly penalties. Equip yourself with the tools and techniques to handle your taxes with confidence and precision.
Inside this comprehensive and helpful guide for unincorporated small business and self employed owners, you’ll discover:
Simplify Your Accounting : Learn how to set up your small business accounting which in turn will simplify your tax preparation and minimize errors.
DIY Tax Filing Expertise: Get guidance on preparing and filing your own business tax returns, a skill that could save you substantial money on accounting fees.
Navigate Sales Taxes with Precision: Learn the intricacies of preparing accurate sales tax (GST/HST) returns, ensuring compliance and avoiding costly mistakes.
Understand CPP Contributions: Explore how Canada Pension Plan (CPP) contributions are calculated and their impact on your taxes payable and what they mean for you in the future.
Unlock Maximum Tax Savings: Explore business expenses and deductions, complete with real-world examples that demystify the process and ensure you take advantage of tax savings opportunities.
Decipher Tax Brackets and Rates: Receive expert insights into tax brackets and rates with a focus on clarity, empowering you to fully understand how your business income is taxed and plan accordingly.
Employee vs. Entrepreneur: Understand the crucial differences between tax responsibilities as an employee versus a small business owner, enabling informed decisions to optimize your tax status and benefits.
Streamline Tax Reporting: Learn the simple steps to register for an online CRA Account to help streamline your tax reporting and compliance.
Reduce Your Tax Bill: Discover a comprehensive list of tax deductions and credits available to you, to help lower your tax bill each year.
And so much more!
Note that this book relates to businesses that are unincorporated.
Self-Employed Professionals: Freelancers, consultants, and independent contractors looking to understand their tax obligations and optimize their tax deductions.
Small Business Owners: Entrepreneurs and owners of unincorporated businesses who need to navigate the complexities of income tax and sales tax.
Startup Founders: Individuals in the early stages of their business who need to establish solid tax practices from the beginning to ensure compliance and financial efficiency.
Gig Economy Workers: Those working in the gig economy, including ride-share drivers, delivery personnel, and other app-based workers seeking to manage their taxes effectively.
Home-Based Business Owners: Individuals running businesses from home who want to understand how to claim home office expenses, and other relevant deductions and credits.
Online Entrepreneurs: E-commerce store owners and digital service providers looking for guidance on sales tax (GST/HST) returns and other tax obligations.
Creative Professionals: Artists, writers, and other creatives who want to leverage tax credits and deductions specific to their professions.
Part-Time Entrepreneurs: Individuals running a business alongside employment, looking for advice on managing taxes for both income streams.
New Immigrants: Newcomers to Canada who have started a business or freelance work and need to familiarize themselves with the Canadian tax system.
Financial Planners and Accountants: Professionals seeking a resource to recommend to their clients for basic understanding and self-management of taxes.
REVIEWS:
I have long prepared my own tax return, including T2125, for my part-time practice out of my home, so I am already familiar with forms, etc. but new on-line software falls short of the old paper-format and only lends confusion to what to put where because of the "interview" format, which is too general. This book clarifies most "ambiguous" things (e.g., Where should I put Continuing Education/Professional Development aside from the Conventions category?) and will also be helpful in re-categorizing some things in my bookkeeping software in preparation for next year's return. The book is very practical, easy to understand, and very informative with specifics.
When I was starting my business, I only knew about the taxes I had paid as an individual consumer. Setting up tax accounts with the government was something I didn't really understand, and I ended up paying a bunch of penalties and interest.
This book really lays things out clearly. I wish I'd had it when I started! I also found that there were deductions that I wasn't taking, and so this year I paid less tax than last year, even though my business was more profitable.
I strongly recommend buying this book if you operate your own business. The explanations are clear and complete, the step-by-step guides to government forms easy to follow, and the language is aimed at regular people--you don't have to be a lawyer or accountant to get it!
Jack T.
I finished Small Business Tax Facts, and I LOVED it very much, learned a huge amount in so little time! Packed with information in an easy to read form for people who need it! So thank you very much again!
Dustin F.
I am really liking the book and the tip on convention expenses more than makes up for the cost. Let me add that you do have a way with words. There aren’t many authors who can make their readers laugh about the subject of income taxes.
Thomas J.
I bought your two books 'Small Business tax facts' and 'Faststart your Corporation' on amazon and found them great!
Francois R.
Another great guide for small business written by Ronika. Recommended!!
It is well written and very helpful. The beauty of your books are that they are logical and straight forward. Anyone reading your latest book would, with confidence, proceed with doing their own small business tax return.
Ralph H.
I bought three of your books and I must say that from what I have read so far, they are amazing, and by far, the best resources I have read so far, on my journey.
Georgia G.
I bought your book. I am loving the way you have explained the complex terminology in simple terms :) .
Harminder S.
Thank you so much and thank you for the wonderful book that focuses on Canadian taxes for small business owners.
Krista R.
Thank you for writing such helpful books
Kathy M.
ABOUT THE AUTHOR
Ronika Khanna CPA, CA, CFA is a small business financial consultant and bestselling author who has taught numerous small business owners everything they need to know about their taxes. Her primary goal is to make finance and tax accessible to small business owners, thereby reducing the stress that comes from uncertainty and replace it with confidence and self assurance. She also regularly appears on CBC and other media outlets, where she teaches Canadians how to navigate taxes and finance.
If you have any questions about this guide, please contact us and we will get back to you as soon as possible